Capitalization of crypto tokens has seen an increase in the past 24 hours of about 21%. Major currencies such as Bitcoin (BTC) and Ethereum (ETH) have kept the lead in the crypto space as other altcoins keep their bull rally momentum. There have been various incidents that have shaped the market rally, including events on spot exchange-traded funds approval as well as legal cases related to crypto firms.
Bitcoin blockchain-based Tokens are emerging as new players in the crypto space, and they have been met with a lot of enthusiasm as the crypto community sets sites on increasing the BTC market price. This news comes in as the Bitcoin bull rally still keeps its momentum from the beginning of its surge in October.
Bitcoin Ordinal tokens enter the crypto space
The Bitcoin price frenzy has been driven by the exceptions of the spot Bitcoin exchange-traded funds (ETFs) pending approval by the US Securities and Exchange Commission (SEC).
In the BRC-20 category, 21% has been added in the past 24 hours. The Infrastructure token trac (TRAC) also gained by 93%, leading to the digital space gains. Meme (MEME) followed the list with 69% and was followed by nals (NALS) at 36%.
The Bitcoin Request for Comments (BRC-20) was first introduced in April of this year and focuses on allowing its users to issue transferable tokens for the first time directly through the network.
The tokens are referred to as inscriptions that are used in the Ordinals Protocol. It allows users to embed data into the Bitcoin blockchain by inscribing digital artworks references into small Bitcoin transactions.
At the beginning of this month, ordi (ORDI), a digital token tied to Ordinals Protocol, made the news, and its hype has been in the spotlight since then. The token was listed on the Binance exchange, and this listing fueled its spike by over 50% in a span of a few hours.
These proceedings also increased the bullish sentiments of the BRC-20 token, which was also favored among traders and investors. Traders have hypothesized that the Bitcoin token ecosystem could have a new avenue to gain more profits in the crypto market.
More info in the BTC ordinals
According to OrdSpace, an Ordinals tracker, over 37,000 BRC-20 tokens are in existence as of Thursday, November 16. Other popular social platforms have also launched in-game tokens as part of a better user experience, attracting new customers and boosting their revenues.
Among them is Alpha, an application that allows X (formerly Twitter) to issue personalized ‘keys’ on the application for allowing access to closed group charts and is currently allowing users to offer their own tokens to its users on Wednesday.
The in-app tokens are designed to be larger than the ‘keys’ and allow their users to participate in community games as well as lottery wheels. The Alpha app terms it a “super app” and is used to offer users a decentralized exchange, a gaming store, and a Non-Fungible Token (NFT) marketplace.
The Alpha developer @punk3700 previously said that Bitcoin’s usage in decentralized finance (DeFi) and the app has been limited to tokenized representation for Bitcoin on other chains. These included Solana (SOL) and Ethereum (ETH). Alpha developers believe that a gap still remains for wealthy Bitcoin holders. Holders are able to use their assets on interactive applications.
Musk’s Milady meme is also intending to open up ordinals. The Miladys NFT saw a brief pump following Elon Musk’s tweet about them, and Binance made it easier for people to purchase Bitcoin Non-Fungible Tokens (NFTs).
Ordinals moved further into the mainstream following the leading crypto exchange Binance announcing its soon adoption and support for Butcoin-based NFTs. Miladys, the wide-eyed NFT project, has spawned a cult following a brief spike in its floor price initiated after Musk tweeted out a meme with an avatar from the collection.